Pharmacovigilance Market Size

Pharmacovigilance Market Future Prospects

The global pharmacovigilance market is estimated to generate USD 8,340.1 million in 2024, and it will grow with a CAGR of 13.9% during the forecast period, to further expand to USD 18,026.7 million by 2030. This growth is majorly attributed to the rising incidence of toxicity and adverse drug reactions (ADRs), surging concerns regarding drug safety, and high patient compliance for drug usage. Apart from this, government and non-government organizations are increasingly focusing on drug safety and efficacy.

Moreover, AI and ML are being incorporated into pharmacovigilance systems to improve the efficacy of ADR detection, analysis, and prediction.

More-complex pharmacovigilance techniques are also in demand due to the growing emphasis on targeted medicines and personalized medicine. With therapies becoming customized based on individual genetic profiles, it is critical to monitor side-effects and long-term consequences. Advances in pharmacovigilance practices are being pushed by this trend in order to meet the unique requirements of customized medicine.